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प्रश्न
Mention two features of monopoly.
Explain three main features of monopoly.
State two important characteristics of monopoly.
Explain the main characteristics of a monopoly.
State three main features of a monopoly market.
Explain one feature of a monopoly market.
Explain the important characteristics (features) of a monopoly market.
Discuss four main features of a monopoly market.
State any three main characteristics of monopoly.
Discuss two features of monopoly.
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उत्तर
- Single seller and large number of buyers: Under monopoly, there is only one seller or firm or manufacturer of a commodity. The product sold by the monopolist may or may not be homogeneous. The existence of a single seller of one product eliminates the difference between the firm and the industry. There can be any number of buyers under a monopoly.
- No Close Substitutes: A second feature of monopoly is that there are no close substitutes available for the product sold by the monopolist. A pure monopoly exists only when there is no close substitute for the product sold by the monopolist. Indian railways is another example of a monopoly.
- Restriction on the Entry of New Firms: Under monopoly, new firms cannot enter the industry. There are strong barriers that prevent new firms from entering the industry. These barriers may take several forms, such as patent rights government licences, economies of scale, etc. Thus, a monopolist faces no competition and earns abnormal profit in the long run.
- Firm is a Price-Maker: Due to strong barriers to the entry of new firms into the industry, the monopoly firm has full control over the supply of its product. Therefore, it has full control over its price, too. It can influence the market price by varying its supply.
- Price Discrimination: The act of selling the same product at different prices to different buyers is known as price discrimination. A monopolist can charge different prices to his different buyers easily. If a monopolist adopts a policy of price discrimination, the situation is called a discriminating monopoly.
Notes
Students should refer to the answer according to their question.
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संबंधित प्रश्न
Which two forms of market earn normal profit in the long run?
Non-price competition is ______.
What is the shape of the demand curve faced by any monopoly firm? Support your answer with a diagram.
Following is the feature of perfect competition:
Following is not the feature of perfect competition:
A seller cannot influence the market price under:
In monopolistic competition, there are ______.
A monopolist is price maker:
Match the following and select the correct option:
| Column I | Column II | ||
| (i) | Perfect competition | (A) | Differentiated Products |
| (ii) | Monopoly | (B) | Few large firms |
| (iii) | Monopolistic Competition | (C) | Single seller |
| (iv) | Oligopoly | (D) | Homogeneous products |
Match the following and select the correct option.
| Column I | Column II | ||
| (i) | Perfectly elastic demand | (A) | Oligopoly |
| (ii) | Less elastic demand | (B) | Monopolistic competition |
| (iii) | More elastic demand | (C) | Perfect competition |
| (iv) | Indeterminate demand | (D) | Monopoly |
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
Which among the following is a feature of monopsony market?
Products sold by each firm in a perfectly competitive market are perfect substitutes of each other.
A holiday resort in a remote village is very popular among the tourists. Since the connectivity is very poor with the outer world, the owner employs the local villagers for the functioning of the resort.
This is a case of:
Read the following statements carefully and choose the correct alternative:
Assertion (A): Price discrimination is possible under monopoly.
Reason (R): A monopolist can charge different prices in different markets because different sets of consumers - rich and poor - have different price elasticity of demand for the monopolist's product.
Define perfect competition.
Producers in a monopoly are price makers. Briefly explain.
Define monopsony.
To which market is product differentiation relevant?
Identify the market form of the following:
The Government of India is the sole buyer of fighter aircrafts.
Identify the market form of the following:
Market for toilet soaps in India.
Identify the market form for the following:
Perfectly elastic demand.
Identify the market form for the item given below:
A single seller
Identify the market form for the item given below:
Product differentiation
In which form of market do producers and consumers have perfect knowledge about the market conditions?
Give an example of monopoly.
Which type of market structure is the following? Give reason.
Mobile phone services
Which type of market structure is the following? Give reason.
Soft drinks
Which type of market structure is the following? Give reason.
Ball-pen
With the help of an example explain the meaning of price discrimination.
What do you mean by homogeneous products?
What induces new firms to enter an industry?
Why do producers incur high selling costs in an imperfect market?
Why are selling costs incurred?
In which market form is there a single seller and no close substitutes for the product?
Which feature best distinguishes monopolistic competition from perfect competition?
Which statement correctly describes monopsony?
